Article Preview:
New rules for overdraft charges are coming into force in April.
According to research by comparethemarket.com, millions of people could unknowingly be paying extravagant overdraft fees.
From 6th April 2020, the Financial Conduct Authority (FCA) has introduced new regulations requiring banks to charge a simple annual interest for overdrafts, without additional fees and charges.
Therefore, fixed daily or monthly charges, and fees for having an overdraft facility are banned to make overdrafts simpler, fairer, easier to manage and compare.